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Real Estate Briefing 04.Mar 2013

Posted on 04 March 2013 by Laxman |  Email |Print

The first official day of Spring may still be 20 days away, but the Spring housing market is already underway. Buyer traffic is rising along with home prices, but one traditional Spring phenomenon is sorely absent: rising supply. The raw number of homes for sale is now at its lowest level in over 13 years, according to the National Association of Realtors, and the numbers continue to fall.
“Some listings are vanishing from a strategic decision of waiting for an even a higher price later. Some are due to few newly built homes available to trade-up to, hence some current existing home owners are unwilling to list. Some could be related to fear of being unable to buy after selling,” says Lawrence Yun, chief economist for the National Association of Realtors………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

The housing market news sounds good this week. Sales of previously owned homes crawled up another 0.4 percent in January, which means that if this level of housing activity keeps up all year, sales will hit nearly 5 million,.
That’s not the only good news. Existing home sale prices rose again, for the 11th month in a row, according to the National Association of Realtors. The national median existing-home price for all housing types was $173,600 in January, up 12.3 percent from January 2012. (The last time it jumped that much was from July 2005 to May 2006.) ……………………………………….Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

The housing market appears to be surging ahead suddenly on all cylinders, but that does not mean it is free of the remnants of its recent downfall. The number of distressed home sales, either bank-owned or short sales, may be shrinking, but it is still making up a significant share of the overall housing market.
Foreclosure-related sales made up 21 percent of all US sales in 2012 and short sales, when the home is sold for less than the value of the mortgage, made up 22 percent, according to a new report from RealtyTrac. Add it up and 43 percent of all 2012 sales were of distressed properties………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

In the world of real estate, when supply exceeds demand and prices are falling, it’s known as a buyer’s market. That’s pretty much where we’ve been for a long time now.
Ever since the housing bubble burst seven long years ago, buyers have been in the driver’s seat, and sellers went along for a rough ride. But all of a sudden, it looks like sellers have taken the wheel, and the housing market is cruising in a decidedly new direction………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

Recently in these pages, I talked about how the government, the Treasury, and the Federal Reserve were creating an artificial economy that was supported by cheap money and low interest rates.
One of the major benefactors of this cheap money was the housing sector, which is now sizzling hot. The median price of an existing home in the U.S. was $173,600 in January, up 12.3% from an average of $154,600 a year earlier. (Source: United States Census Bureau web site, last accessed February 27, 2013.)……………………………………….Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

European commercial real estate investment turnover reached 44.8 billion euros ($58.3 billion) in the fourth quarter (Q4) of 2012, an increase of 53 per cent on Q3 2012 and 25 per cent on Q4 2011, according to real estate services firm CBRE.
The increase in investment activity was largely driven by a significant rise in cross-border investment. Cross-border investors accounted for 46 per cent of the total in Q4 2012, up from 36 per cent in Q3 2012 (and 38 per cent in Q4 2011). This increase also goes a long way towards explaining the growth in average transaction size in Q4 2012………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

Beny Steinmetz, the diamond mining entrepreneur and one of Israel’s richest men, is launching a $2bn venture to buy distressed European property, marking the latest effort by a wealthy investor to cash in on the funding difficulties facing the continent’s governments and companies.
The billionaire has hired Chris Papachirstophorou, a former head of real estate at Deutsche Bank’s fund management arm, RREEF, to oversee the business, which will be launched on Monday………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

London shows seasonal upturn alongside slight decreases in the north, according to monthly national housing survey. The house price divide between the south-east and the rest of England and Wales widened last month with a seasonal upturn in sales in London and slight decreases in parts of the north, according to the monthly national housing survey by the property analysts Hometrack.
Across England and Wales 14.8% of postcodes registered price rises, of which 74% were in London and the south-east. Almost half of London postcodes (48%) registered an increase in values of 0.3% on average, with Southwark, Ealing, Merton and Bexley all achieving an above-average house price increase………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

The property market is growing again with house prices rising at a rate of £100 a week, Britain’s biggest building society reported. The surge in values since the start of the year is thanks to record low mortgage rates and an £80billion Government lending scheme.
House prices were up 0.2 per cent month-on-month in February and a typical three-bed semi now costs £162,638, a rise of £393 in four weeks, the Nationwide said. This follows an increase of 0.5 per cent in January………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

Top 15 social landlords to build 13,000 new affordable homes but also let and sell properties at market rates to fund projects. Housing associations in London are to venture into the private property market on a grand scale for the first time in an attempt to extend their social housing mission to “generation rent” – the growing number of people who can not afford to buy in the capital and are vulnerable to exploitation from unscrupulous landlords.
The 15 biggest social landlords in London are working together to build 13,000 affordable homes by 2015 – but they will also provide an additional 4,000 properties for rent at market prices and at least 1,100 homes for sale at regular London prices. They will use the profits to fund further affordable housing………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

Ireland’s investment market is coming back to life with an ‘encouraging’ volume of activity across all sectors since the beginning of the year, said property consultant CBRE.
CBRE said it has increased its prime rent series for office properties in Dublin for the first time in six years and expects to revise this upwards again over the coming months………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

The IPD Netherlands Annual Property Index showed that all sectors of Dutch investment property delivered a total return of 1.2% in 2012, compared with 3.9% in 2011. Due to inflation (CPI) of 2.9%, real return showed a return of -1.6% in December 2012, again compared with -2.0% in December 2011.
These results show that the property investment market is not safe from the Dutch economy, which has slipped into a third recession since the beginning of 2009………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

Top private sector developers at Cityscape Jeddah called on the government to work with them to streamline several processes that cause delays, making it nearly impossible to develop affordable housing projects to solve the housing crisis.
“Among the limits and challenges facing Saudi developers, is for example the regulations concerning the Municipality’s issuance of licenses, which must have a shorter processing time from the current minimum of at least two years up to a maximum of four years………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

People in the Kingdom tend to spend 40 percent of their salaries on rents and this amount even increases when they are buying homes, Gagan Suri, Vice-President and head of real estate asset management at National Commercial Bank Capital,said.
He suggested that housing will become affordable if government gives subsidized land, banks give loans to investors and developers, and people opt for apartments instead of villas. Riyadh Al-Thuqafi, CEO of Ewaan Global Residential Company, shed light on the global definition of affordable housing and the requirements of the Saudi community………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

UAE investors bought almost €1bn (US$1.3bn) worth of commercial property in Europe during the second half of last year, according to international real estate advisor CBRE. The investment accounted for 3 percent of the cross-border commercial property purchases across the continent during the six months.
Buyers from across the Middle Eastern, particularly sovereign wealth funds, accounted for a significant amount of the investment that flowed into the European market last year, CBRE said………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

On Friday, China’s State Council released a statement calling for higher down payments for second homes in cities and demanding both the collection of taxes on secondary sales and the enforcement of existing property curbs.
The document, capping Premier Wen Jiabao’s three-year campaign to cool the housing sector, comes at a time when both Beijing’s National Bureau of Statistics and private surveys show an acceleration of residential prices across China………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

China called for higher down payments and interest rates for second-home mortgages in cities with “excessively fast” price gains and ordered stricter enforcement of taxes on sales as authorities step up a three- year campaign to cool the property market.
The People’s Bank of China’s regional branches may implement the measures in accordance with the price-control targets of local governments, the State Council, or Cabinet, said in a statement on its website yesterday. Cities facing “relatively large” pressure from rising house prices must further tighten home-purchase limits, according to the statement………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

China issued stricter measures Friday to cool the heated property sector before the annual parliament session, amid public hope of pulling down soaring home prices. The central government said in a notice that homeowners who sell their homes will be levied an income tax as high as 20 percent of the profit they make on the transaction. Prior to the new rules, income tax was 1 percent to 2 percent of the sale price.
The notice also said that local branches of the central bank in cities with soaring home prices can increase the down payment and mortgage loan interest rate for home buyers purchasing a second unit………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

The government’s pledge to strictly enforce a 20% tax on home sale profits was a necessary move to curb housing market speculation, and the government will likely achieve its goal in the near term, Mei Xingbao, president of China Orient Asset Management Co., said Sunday.
But Mr. Mei also said that it was too soon to say whether the move would actually stop prices from moving higher over the longer term………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

If trouble comes in threes, then what’ll be the next global market to melt down after the U.S. and Europe? Some are looking nervously at China. China has been nothing short of a financial miracle. In just 30 years, this state-controlled economy became the world’s second largest, deftly managed by government policies and decrees.
One sector the authorities concentrated on was real estate and construction. But that may have created the largest housing bubble in human history. If you go to China, it’s easy to see why there’s all the talk of a bubble. We discovered that the most populated nation on earth is building houses, districts and cities with no one in them………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

Singapore plans to raise taxes for luxury homeowners and investment properties, widening a four-year campaign to curb speculation after prices in Asia’s second most expensive housing market rose to a record.
The higher tax will apply to the top one per cent of homeowners who lived in their own residences, or 12,000 properties, Singapore Finance Minister Tharman Shanmugaratnam said in his recent budget speech, without giving a definition of what constituted a high-end home………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

Analysts are growing more confident of a sustained recovery in the property market following yet another strong weekend of auction clearance rates, with over two-thirds of residential properties selling at auction in Melbourne and Sydney.
However, some warn the market will need to keep its momentum after the Easter break later this month. The Real Estate Institute of Victoria reported 69% of the 884 properties on the market sold, down from 72% last week, but up 8% from this time last year………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

Veteran property investor Olly Newland is backing a prediction that the housing market will rise for another three years. The prediction was made by the chief economist of the BNZ on 3 News last night. Mr Newland is sceptical about most ideas for reigning in the market, but he has some ideas for helping one group of buyers.
The Auckland property market has risen faster than anywhere else in the country, which is a problem if, like Shelley Wilkinson, you are trying to sell your house in Wellington to buy a home in Auckland. “It just never quite got high enough for me to match what I wanted to buy up here,” says Ms Wilkinson………………………………………..Full Article: Source

Posted on 04 March 2013 by Laxman |  Email |Print

High demand has created an all-time low in inventory of unsold properties, a new report says. According the New Zealand Property Report released today, the local property market has rebounded from the seasonal lull in listings over the summer break with 13,145 new listings coming to the market in February.
This is a “healthy and expected increase to listings”, and is 2% down from the same time last year, the report says………………………………………..Full Article: Source

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